Maryland Collection Laws
Many states impose responsibilities, liabilities and penalties upon companies for activities of Maryland debt collectors engaged by them in the collection of debts. You need to know the Maryland collection laws and state debt collections law.
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You can be held accountable for what your Maryland collection attorney does or
doesn't do. You must know the Maryland collection laws, and the information here
can reduce your liability by giving you the state debt collections law
information for making informed decisions. Please study the Maryland collections laws listed below
and make sure your Maryland collection lawyer abides by them to the letter.
Debt collections law vary, and knowing the right collection
law for your state and your debtor's state is essential. Here you can read up
on: Maryland Statute of Limitations, Maryland Judgments, Maryland Garnishments,
Maryland Interest Rates, Maryland Bad Check Laws and Maryland Collection Agency
Requirements.
Maryland Annotated Code, Title 15, Debt Collection--Special Provisions
INTEREST RATE
Legal: 6%
Judgment: 10% or contractual
STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
UCC: 4
Specialty: 12 (contract under seal)
Written Contract: 3
Domestic Judgment: 12
Foreign Judgment: 12
BAD CHECK LAWS (CIVIL PENALTY)
After 30 day written notice, amount due, $25 fee, twice check amount up to
$1000. (At the discretion of the court.) Applies to COD sales only.
GENERAL GARNISHMENT EXEMPTIONS
Greater of 75% or amount = to $145 x no. of wks. in which wages due were earned;
except in Caroline, Worchester, Kent & Queen Anne's Counties, see federal law.
Exemption is up to $3,000 in cash and/or property for non-wage property
exemption.
COLLECTION AGENCY BOND & LICENSE
Bond: $5000
License: Yes
Fee: $200 each office
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